Supporting Narrative

The APS was set up early in 2009 and was initially staffed largely by secondees. Since the formal launch of the APA on 7th December 2009, we have been recruiting to reach the full budgeted staffing levels. As at 30 June 2010 there were 15 vacancies still outstanding.

Due to the specialist technical nature of the roles within the Agency, there is no hierarchical grading structure below SCS level. For the purpose of the organogram the posts have been split into three generic categories below SCS2 level (Director equivalent), these are: Director at SCS1 grade (equivalent to the standard Civil Service grade of “Deputy Director”); Manager (equivalent to the standard Civil Service grades 6/7); and Support Staff.

Staff are remunerated according to the nature of their role, therefore there are no structured pay bands. In order to secure suitably qualified and experienced individuals, the APA has had to pay at least a moderate proportion of their market salaries to its specialist staff, however, no pension entitlement is included in their remuneration package. Salary costs of the APA are recovered in full from RBS (refer to APA Annual Report and Accounts 2009-10). In addition, due to the relatively temporary nature of the Agency, all staff other than the CEO and CFOO are Fixed Term Appointments.

In the organisation charts on the following pages the resource costs have been given for each of the four APA teams, other than for the Legal and Compliance team which comprised fewer than five people at 30 June 2010 and has been combined with the Finance and Operations team. APA

Stephan Wilcke Chief Executive Officer SCS 2 Grade

Salary Band £150,000 - £154,999

Hamish Buckland Chief Credit Officer – Leveraged /Corporate Finance SCS 2 Grade

Salary Band £65,000 - £69,999 * \*\*

Cynthia Parker Chief Credit Officer – Structured Products SCS 2 Grade

Salary Band £160,000 - £164,999 \*\*

Brian Scammell Chief Credit Officer – Commercial Real Estate SCS 2 Grade

Salary Band £130,000 - £134,999 * \*\*

Ion Dagtoglou Chief Investment Officer SCS 2 Grade

Salary Band £165,000 - £169,999 \*\*

Jens Bech Chief Risk Officer SCS 2 Grade

Salary Band £165,000 - £169,999 \*\*

Bill Dickinson Chief Financial & Operating Officer SCS 2 Grade

Salary Band £140,000 - £144,999

Vacancy General Counsel SCS 2 Grade

Salary Band £140,000 - £144,999

Data as at 30 June 2010 Version 1, published 19 Oct 2010

- Part-time \*\* APA does not pay pension contributions in respect of the individuals receiving these salaries Investment Management Team

Ion Dagtoglou Chief Investment Officer SCS 2 Grade

Salary Band £165,000 - £169,999

SCS1 5.0 FTE

Manager 4.0 FTE

Salary Cost: £1,007,000

Data as at 30 June 2010 Version 1, published 19 Oct 2010 Risk Team

Jens Bech Chief Risk Officer SCS 2 Grade

Salary Band £165,000 - £169,999

SCS1 1.0 FTE

Manager 4.0 FTE \*

SCS1 1.0 FTE

Manager 1.0 FTE

SCS1 (Vacancy)

Manager 3.0 FTE

Salary Cost: £690,000 \*

\*Note: This includes 2 FTE Government Actuarial Department secondees who are not on the APA payroll and 1 FTE interim, the cost of these three individuals is not included in the salary total.

Data as at 30 June 2010 Version 1, published 19 Oct 2010 Legal & Compliance Team

Vacancy General Counsel SCS 2 Grade

Knowledge Management Manager 0.9 FTE

Legal Manager 1.0 FTE \*

Salary Cost: See Finance & Operations team

\*Note: This role is performed by a secondee from an external law firm who is not on the APA payroll, the cost of the secondee is not included in the salary total.

Data as at 30 June 2010 Version 1, published 19 Oct 2010 Finance and Operations Team

Bill Dickinson Chief Financial & Operating Officer SCS 2 Grade

Salary Band: £140,000 - £144,999

Operations

SCS1 1.0 FTE

Manager 1.0 FTE

Support Staff 4.0 FTE

Finance

SCS1 1.0 FTE

Manager 1.2 FTE

Support Staff 0.6 FTE

Human Resources

Manager 0.7 FTE

Support Staff 0.4 FTE

Salary Cost: Finance & Operations and Legal & Compliance teams: £626,095 (Refer to footnote * on page 5)

Data as at 30 June 2010 Version 1, published 19 Oct 2010 | Name | Grade | Job title | FTE | Parent Department | Organisation | Unit | Actual pay band | Notes | |--------------------|-------|-----------------------------------------------|-----|-------------------------|--------------|-------------------|-----------------------|--------------------------------------------| | Jens Bech | SCS 2 | Chief Risk Officer | 1.0 | H M Treasury | APA | Risk | 165,000 - 169,999 | No pension entitlement. | | Hamish Buckland | SCS 2 | Chief Credit Officer - Leveraged / Corporate Finance | 0.4 | H M Treasury | APA | CEO Office | 65,000 - 69,999 | Part time - 2 days per week. No pension entitlement. | | Ion Dagtoglou | SCS 2 | Chief Investment Officer | 1.0 | H M Treasury | APA | Investment Management | 165,000 - 169,999 | No pension entitlement. | | Bill Dickinson | SCS 2 | Chief Financial and Operating Officer | 1.0 | H M Treasury | APA | Finance and Operations | 140,000 - 144,999 | No notes. | | Cynthia Parker | SCS 2 | Chief Credit Officer - Structured Products | 1.0 | H M Treasury | APA | CEO Office | 160,000 - 164,999 | No pension entitlement. | | Brian Scammell | SCS 2 | Chief Credit Officer - Commercial Real Estate | 0.8 | H M Treasury | APA | CEO Office | 130,000 - 134,999 | Part time - 4 days per week. No pension entitlement. | | Stephan Wilcke | SCS 2 | CEO | 1.0 | H M Treasury | APA | CEO Office | 150,000 - 154,999 | No notes. | | Post unique reference | Name | Grade | Job title | Job/Team Function | Parent Department | Organisation | Unit | Salary Cost of Reports * | Contact Phone No. | Contact E-mail | Notes | |-----------------------|--------------------|-------|-----------------------------------------------|-----------------------------------------------------------------------------------|-------------------|--------------|------|--------------------------|------------------|---------------------------------------------------|-------| | 17016 | Bill Dickinson | SCS 2 | Chief Financial and Operating Officer | Head of Operational functions, including Finance and HR. The post holder sits on the Advisory Board of the APA. | H M Treasury | APA | Operations | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | 18231 | Stephan Wilcke | SCS 2 | CEO | Executive Head of the APA responsible for the strategic direction of the Agency. Reporting to 2nd Perm Secretary, HM Treasury | H M Treasury | APA | CEO Office | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | 17019 | Ion Dagtoglou | SCS 2 | Chief Investment Officer | Head of Investment Management Team, responsible for reviewing the Participant Bank's compliance with the Scheme rules, asset management performance and individual asset decisions. The post holder sits on the Advisory Board of the APA. | H M Treasury | APA | Investment Management | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | 17015 | Jens Bech | SCS 2 | Chief Risk Officer | Head of Risk Team, responsible for portfolio loss forecasting, APS valuation and awarding loss credits. The post holder sits on the Advisory Board of the APA. | H M Treasury | APA | Risk | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | 17018 | Brian Scammell | SCS 2 | Chief Credit Officer - Commercial Real Estate | Responsible for making credit and disposal decisions and leading credit analysis in the subject area. The post holder sits on the Credit Committee. | H M Treasury | APA | CEO Office | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | 17017 | Hamish Buckland | SCS 2 | Chief Credit Officer - Leveraged / Corporate Finance | Responsible for making credit and disposal decisions and leading credit analysis in the subject area. The post holder sits on the Credit Committee. | H M Treasury | APA | CEO Office | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | 18135 | Cynthia Parker | SCS 2 | Chief Credit Officer - Structured Products | Responsible for making credit and disposal decisions and leading credit analysis in the subject area. The post holder sits on the Credit Committee. | H M Treasury | APA | CEO Office | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | - | Vacancy | SCS 2 | General Counsel | Head of Legal and Compliance team, responsible for the provision of legal advice and governance and compliance support for all APA activities. The post holder sits on the Advisory Board of the APA. | H M Treasury | APA | Legal and Compliance | - | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | - | - | - | Investment Management Team | Reporting to the Chief Investment Officer, responsible for analysing and presenting for internal approval a broad range of requests referred to the APA by RBS, actively monitoring RBS’s management of the APS portfolio to ensure RBS adheres to the terms of the APS. | H M Treasury | APA | Investment Management | £1,007,000 | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | - | - | - | Risk Team | Reporting to the Chief Risk Officer, responsible for analysing the risk of the portfolio of assets covered by the Asset Protection Scheme. | H M Treasury | APA | Risk | £690,000 | 0207 877 3400 | correspondence@apa.gsi.gov.uk | | | - | - | - | Finance & Operations Team and Legal & Compliance Team \*\* | The Finance and Operations team are responsible for both the smooth and efficient day to day running of the finance and operations functions of the Agency as well as ensuring reconciliation and control of asset level data from RBS. The Legal and Compliance team are responsible for the provision of legal advice and governance and compliance support for all APA activities. | H M Treasury | APA | Finance & Operations/Legal & Compliance | £626,095 | 0207 877 3400 | correspondence@apa.gsi.gov.uk | |

- Salary Cost of Reports includes permanent and Fixed Term Appointment employees

\*\* As the Legal & Compliance team comprised fewer than 5 people at 30 June 2010, it has been combined with Finance and Operations | Parent Department | Organisation | Grade | Average salary * | Generic Job Title | FTE | Notes | |-------------------|--------------|-------------|------------------|-------------------|-----|-------| | H M Treasury | APA | Support Staff | £31,510 | Support Staff | 5.0 | | | H M Treasury | APA | Manager | £81,917 | Manager | 23.8| |

- Average salary of permanent and fixed term appointment employees

The table above provides information for the APA overall. As there is no hierarchical grading structure below SCS level we have disclosed average salaries within the two generic categories - Manager and Support Staff.